Greggs has announced plans to open 100 new stores this year despite suffering its first loss in 36 years due to the Covid-19 pandemic

The bakery chain announced a pre-tax loss of £ 13 million in 2020, compared to a profit of £ 108 million a year earlier

Sales of the sausage roll supplier fell from £ 117 billion to £ 8113 million after the ongoing health crisis forced stores to close for much of the year

Greggs has not reported a loss since becoming a public company listed on the London Stock Exchange in 1984

However, the company said it continues to be positive for the future and is committed to opening 100 new stores this year
Delivery services and a partnership with Just Eat have helped offset some of the declines with 9.6 percent of total sales in the first 10 weeks of this year now coming from deliveries
Even so, recent lockdowns and restrictions have had an impact on total sales since the start of the year, with like-for-like sales falling 28 percent in the 10 weeks ended Jan. March

Stores are still open for takeout as they are classified as major retailers However, due to government orders for the stay at home, downtown and government hubs locations have decreased significantly

Excluding sales in Scotland, where stores were closed to walk-in customers for most of the year, like-for-like sales declined 224 percent over that period
The company said 2020 results were slightly better than expected given the lockdowns, adding that it had benefited from the vacation program and vacation rates for business rates

Bosses added that they had access to a new revolving credit facility of 100 million GBP have to continue expanding beyond the currently operational 2078 branches out to finance

Greggs

World News – UK – Greggs opens 100 new stores this year despite losses from the Covid pandemic

Source: https://www.thesouthernreporter.co.uk/business/greggs-is-opening-100-new-stores-this-year-despite-losses-due-to-the-covid-pandemic-3167577